A long time ago. Picasso was very ill. At the time, Could not get out of bed. He could not even take a picture like before. I am telling you about such a time. At such a time, there was a man in that village who was actually a scammer. He decided to visit Picasso. The first thing he did was to go to a shop in the village that sold art. And the shop has previously sold several Picasso paintings. So, he said to the shopkeeper, "Brother, I'm going to see Picasso. But I don't want to go empty-handed. I don't want to take fruit again. So, I want to take an art that Picasso thinks many people have been inspired by. Now you have me." Make a piece of art that makes Picasso think he painted it. Use the same things Picasso used to paint. And try to copy Picasso." The shopkeeper gives him a painting like Picasso. But certainly not like Picasso. So, after giving him the picture, the man buys the picture for $5/10. Then the man took the picture and went to see Picasso. And shows Picasso that art. "Picasso, I'm a big fan of yours. I like you very much. Look at this art I painted myself. My whole life was to try to be like Picasso. And I finally tried to be like you. This is the picture." My art. Tell me how it goes." Picasso did not like the picture very much. He didn't even think that the picture was like him. Yet since one has painstakingly painted the picture. So, Picasso said, "Yes, you painted well, not too bad." So, the man said to Picasso, since you like the picture, would you please sign the picture? Then I will have no more desire in my life. Because I wanted to be like you all my life, I wanted a picture like you. Etc. So Picasso signed his picture and died a few days later. A few days after Picasso's death, this man claimed that the painting was Picasso's last. And sold that picture for $70 million that he actually bought for $5/10. And it was a fake paint. So, I am telling you this story because today we will talk about NFT.
Suppose you go to a store to buy a product X. You ask the shopkeeper of X how much X costs. The shopkeeper tells you that X costs $20. You told the shopkeeper bro, give me an X. The shopkeeper gave you an X. You paid the shopkeeper $50 for X. Now the shopkeeper is supposed to give you back the $30. This 30-dollar shopkeeper can give you three notes of 10-dollar bills if he wants to, or a note of 20-dollar bill and a 10-dollar bill. And you don't really care how he pays you back, as long as he gives you back the 30-dollar bill. The value of a note of a 20-dollar note and a 10-dollar note is also the value of three notes of 10-dollar notes, and this part is called fungibility. And the things that carry the fungibility criteria are called fungible items. So, these 1 for 20 dollars, 1 for 10 dollars and 3 for 10 dollars are fungible because they are enter-changeable. One can replace the other. And no one has a problem with that.
Now imagine you have volume 1 of Harry Potter. And also, the very first edition, first print. So, you let a friend of yours read it. Now after reading it he told you that he will not return the book to you. He will buy you one instead. Now Harry Potter book 2 is the same. A first edition first print vs another new print. Values are not the same here. The first one has an antique value while, the second one does not. So here are two, are not interchangeable. So, this thing is non-fungible. The reason why it is important to understand the non-fungible matter here is that the word NFT means non-fungible tokens. So, we have now understood the matter of fungible and non-fungible. Now we have to understand the token issue. Then we will elaborate on NFT. Tokens are very easy to understand. Those who are in the world of blockchain understand the Token's thing very well. A token is a rule assigned to an asset. In order to understand, what is the previous history of this asset. So, for example, you sell a small item named Y to Alex. And if Alex goes home with it, few people other than you and Alex will know that, you sold item Y to Alex and that Alex bought it. But if this Y were a house, you might have to get a bank involved. Back then there was a bank, a contract had to be signed, and maybe even a lawyer had to be called. And with that, some people would have known that, it was your house that was your asset that you sold to Alex. Now the digital name of things like bank, contract, sign, lawyer is token. All this can be replaced through blockchain. So, when you sell Y item to Alex, you don't need to call a lawyer. You can say to Alex, "Look, Alex, what's the point of calling a lawyer. What's the point of a middleman? Call a bank. Instead, we can do it on the blockchain. The benefit of doing it on the blockchain is that you can buy Y within 1 minute. Again, we will save this entire transaction in the token of the blockchain". We call this token as a token.
Now we will talk about NFT. NFT is a very magnificent thing. And NFT has democratized the entire world very nicely. Specially the class of digital assets. And many of us don't know anything about NFT. Which is perfectly normal because NFT is a very new thing.
The cat you see in the picture above sold a few days ago for $19,000. There is a famous artist called Beetle. And he only makes digital art. His entire portfolio of 5,000 photos was sold for $69 million. And the price is constantly rising. The NBA recently sold a LeBron James basketball dunk for $0.28 million. How are these things actually being sold? Who is buying? After the purchase is actually transferred or how. Deep dive into the whole world of NFT by keeping the brain open to understand these.
In the world of NFTs, the first concept that people have a hard time understanding is that everyone understands physical objects. If something is good, everyone buys it. No one buys. It is not a very complicated matter to understand. If you can buy a Picasso painting, hang it on your wall. Then you can show your friends that you own it. And the price of this film will continue to increase every year. Because you have only one copy of it in the world. And the way NFT solves this problem is that now we can know who owns a picture digitally through NFT. The cat that I was talking about a little while ago that was sold for 19 thousand dollars, if you want, you can download and save that picture to your computer with right click. Or you can save this NBA LeBron James basketball dunk image by right click, save as. But you are not the real owner of that thing. You only have one copy of the images. So, through NFT, you can identify the original owner of the image.
Now, the second confusion is that I understand that you are the real owner. But you can't catch the pictures. You can grab your Picasso painting. You can call people and see. But how to see digital things. One thing you have to think about here is that the world of today and the world of the next 50 years are not the same. Next, we move into the world of VR. Where we'll all be wearing VR goggles. We'll go to an alternative life. Then we will move into the world of second, third and more gaming life. When we wear VR goggles, we will not see the world the way we see it now. Suppose the walls of your house are now completely blank. If you wear VR goggles, you can decorate an entire wall with what you bought through NFT. And your friends can see them through virtual invitation.
On another point, people say that what people can buy for free, why should people buy it with money. Now we move on to the same example. A few days ago, Jack Dorsey, the former owner of Twitter, sold his first tweet via NFT. And a Malaysian named Sinai Stan bought it for 2.9 million dollars. Now imagine a single tweet sold for $2.9 million that will never have a physical copy. And that's a digital asset. Here, the entire paper of NFT is digital. Now, you might be thinking that you can scroll down on Twitter and take a screenshot of Jack Dorsey's first tweet, right? But you don't own it. You only keep one copy of it. Now, you may be wondering if there is any point in buying free stuff. Now you have to think like a collector. If you want, you can go to the Louvre Museum and take a picture of the Mona Lisa. If you want, you can download a picture of Mona Lisa from Google. But why don't you go to Paris and look at the Mona Lisa? This is because genuine and fake things are different. There is a feel like collectors to owning the real thing. Which only collectors can understand. Because many emotional matters come into it. And the funny thing is that the more copies of the original, the more popular the original becomes. Think of the Mona Lisa as many photos as you take. That will increase the value of the original picture. Here, the price of your copy will not increase. The price of the picture that is in the original Louvre Museum will constantly increase. Let us inform you that Mona Lisa is the most stolen picture in the world. And this is the one biggest reason behind Mona Lisa being famous. When it was stolen, the newspaper published the article with a large picture on its front page. So, this is what I said about the pictures of Beetle, people are copying them now. And the more they copy, the more popular they become. In fact, the man who bought the pictures for $69 million is now predicting that one day he will be able to sell the pictures for $1 billion.
So, if you think about it, it is very interesting. Simply put, NFT is a medium to easily understand the owner of the digital asset and the seller of the digital asset. Because of this, many collectors have started collecting digital goods in different ways. And things can be images, videos, tweets, anything else that is digitally transferable. And also, if the goods are good, then their prices also increase.
Now it's about why we should care about them. I want to say foremost the topic is very cool. Secondly, many NFT related jobs are now being created in the marketplace. For example: making websites with NFT, working with blockchain, especially those who work with Ethereum, various job opportunities come. Even those who study Broadly speaking data also get many job opportunities. Many companies have now increased hiring in fintech. Pretty much all companies are crypto now. Blockchain is starting to move into this world. And job opportunities are increasing there. Now, those who are graphic designers should study the world of digital art. And try to make digital art yourself and sell it. A big problem with NFT is that NFT is not a massive income model. So, when you buy stocks, you often get dividends. Again, when you buy a house, you get rent from that house. In case of NFT, you will earn when you sell the item. So, if the price of the item you bought goes up, and then you sell it, you will only get money. Your item will increase in value until you sell it, but you won't get the money. Now that the market is bull rushing, and people are buying NFTs like crazy, I would recommend you not to buy like this. If you want to sell, you can do it. If you sell, you have more chances of profit. But it is not right to go to Investor Mind and buy NFT, you may know that there are many websites now. Buying NFTs just got a lot easier. You can buy 1% of the art instead of buying the whole art if you want. Many solutions have come up in many such cases. Be very careful, though. There is no need to go into any such investment now. Because everything is now much more expensive than it should be. When such a bull rush goes on, at one point the market crashes and the price correction take place, which has not happened yet. Hopeful will be ahead. And then you can go and invest well. Another thing to keep in mind while investing, if you don't have an emotional attachment to what you are investing in, if you want to buy purely for transactional value, then I don't think there is any point in buying. Let's simplify things a bit, let's say the person who bought Jack Dorsey's first tweet is because that tweet is history. Twitter is one of the most popular websites on the internet. And that Twitter's first tweet is a piece of history. Those who buy these things never buy to sell. There are many who buy small things and sell them later. Again, buy and sell another thing with that money. The number of such people is very few. And most people buy them for their emotional value and give them for life. So, if you have such emotion with the industry, then you can buy it. And if you have to buy, try to limit it to as few things as possible. Because there is a possibility of loss if you go for big investment.
The main purpose of this article is to get you interested in NFTs. Let this article be a starting point. NFT related opportunities have come a long way. Also come forward and try to capture it.
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